Pacific Premier downgraded to Outperform from Strong Buy at Raymond James

Raymond James analyst David Feaster downgraded Pacific Premier Bancorp to Outperform from Strong Buy with a price target of $29, up from $26, following the Q4 report. The analyst still sees value in the shares and likes the “defensive characteristics the bank brings, as well as the offensive characteristics.” However, the firm simply does not see enough upside to the new $29 price target to maintain a Strong Buy rating. It cites valuation for the downgrade.